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XRP Price Analysis: Momentum Builds Toward Critical Resistance Levels
The cryptocurrency market has been abuzz with the latest price action of Ripple (XRP), as it continues to build momentum toward critical resistance levels. The asset’s recent rally, which has seen a 2.17% gain in the past 24 hours and a whopping 24.62% over the past week, aligns with broader interest across altcoins.
As XRP approaches the $3.04 mark, bulls are eager to see if this key resistance level will flip into support, paving the way for a further push toward the crucial $3.18 level. The analyst highlights that while no one can predict exact numbers, staying prepared and emotion-free remains critical for traders.
According to Egrag Crypto, XRP’s recent performance has led to a bullish signal in terms of market dominance. Notably, the asset has broken out of a falling wedge pattern on the monthly chart, with potential measured move up to 18%. Furthermore, a bullish rectangle formation could extend dominance to 27%, provided it holds above the 10% level.
As XRP’s RSI (Relative Strength Index) approaches levels that have historically marked cycle tops and bottoms in the past, traders are urged to closely monitor signals confirming a top. It is essential to note that Egrag Crypto remains cautious regarding RSI levels reaching 80 and above, warning of potential short-term volatility.
In light of this data, CasiTrades highlights that XRP’s chart continues to develop beautifully. The asset has not only maintained its bullish structure but also held key retracement levels at $2.85 (the .236 Fibonacci level), as well as the .118 and .236 markers.
Source: blockonomi.com
